Sarasota Memorial Health Care System Signs Full-Building 54,000-SF Lease at Flagship Healthcare Properties' Venice MOB

SARASOTA, Fla. — Flagship Healthcare Properties has announced that Sarasota Memorial Health Care System has executed a lease for the entirety of a planned approximately 54,000-square-foot medical outpatient building at 2695 Curry Lane in Venice, Florida, adjacent to Sarasota Memorial Hospital–Venice. The transaction, which Flagship describes as the largest new lease in its history, converts what had been planned as a multi-tenant facility into a fully committed, health-system-anchored outpatient hub.

Deal Overview: Full-Building Commitment in Venice

The three-story building, situated on approximately five acres, was originally conceived as a multi-tenant medical outpatient project. Sarasota Memorial had previously committed to a portion of the facility for outpatient endoscopy services and a new home for SMH First Physicians Group's gastroenterologists. The expanded commitment to occupy the entire building significantly broadens the scope of outpatient services the health system will deliver at the site.

Flagship acquired the land in January 2025. Preliminary site work has already begun, and the firm plans to construct the building shell following permitting and construction-plan approvals. Sarasota Memorial's design/build team is expected to complete build-out of the specialized centers in 2028.

The lease transaction was led by Liz Cook, whose efforts resulted in the project's full-building commitment by Sarasota Memorial.

"This lease represents a tremendous milestone for Flagship and further validates our strategy of developing high-quality outpatient healthcare facilities in growing markets across Florida," said Thorn Baccich, Flagship Healthcare Properties' Executive Vice President of Development. "We are honored to partner with Sarasota Memorial, one of the nation's leading health systems, and look forward to delivering a facility that will support expanded access to care for patients throughout the region."

Planned Clinical Layout

As currently proposed, the first floor will house a radiation oncology center along with medical, surgical and radiation oncology physician clinics. The third floor will contain the outpatient endoscopy center and offices for SMH First Physicians Group's gastroenterologists. The second floor will be delivered as shelled space, preserving capacity for future growth.

Cancer Care Expansion and the Jellison Institute

A central driver of the expanded commitment is Sarasota Memorial's intent to bring a range of advanced cancer services from its Brian D. Jellison Cancer Institute closer to patients in south Sarasota County. The Jellison Cancer Institute was established in 2020 to give cancer patients greater access to advanced treatments, technologies, clinical trials and supportive care, and has since been recognized among the highest-volume cancer centers in Florida.

The Venice facility represents the next phase of the institute's growth, coming just months after Sarasota Memorial opened its third cancer facility, the Milman-Kover Cancer Pavilion, on the SMH–Sarasota campus.

"Cancer treatment can require frequent appointments with multiple specialists and care teams, sometimes over many months," said Kelli Dancer, vice president of the Brian D. Jellison Cancer Institute. "Expanding these services in Venice will make it easier for patients in south Sarasota County and surrounding communities to access comprehensive, coordinated cancer care closer to where they live. It's another important step in our commitment to bring the highest level of cancer care to patients throughout our region."

Strategic Location and Market Context

The 2695 Curry Lane site is positioned adjacent to Sarasota Memorial Hospital–Venice, placing it to support the continued growth of the hospital campus and surrounding communities. The project reflects the broader industry shift of clinical services — including endoscopy, oncology physician visits and radiation treatment — from inpatient hospital settings to outpatient and ambulatory facilities, allowing health systems to extend geographic reach while preserving hospital capacity for more complex cases.

Sarasota Memorial operates hospitals in Sarasota and Venice and is developing a third hospital in North Port, alongside a network of freestanding emergency rooms, outpatient centers, urgent care clinics and physician practices. The system encompasses approximately 2,500 physicians and advanced practice providers, 11,000 employees and 2 million annual patient visits. Both Sarasota Memorial Hospital–Sarasota and Sarasota Memorial Hospital–Venice have earned 5-Star quality ratings from the U.S. Centers for Medicare & Medicaid Services.

Charlotte, North Carolina-based Flagship Healthcare Properties manages approximately 8.98 million square feet of healthcare real estate across more than 440 properties serving more than 810 tenants. The firm serves as manager of Flagship Healthcare Trust, Inc., a private real estate investment trust that holds interests in 114 properties comprising 3.0 million square feet valued at more than $1.1 billion.

Sources

Flagship Healthcare Properties — Sarasota Memorial Expands Commitment to Venice MOB